In May, the Authority was awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GF0A) for its 2003 Comprehensive Annual Financial Report (CAFR). The report, developed under Deputy General Manager for Finance Felix Lam following his appointment in 2004, was the first CAFR specifically designed at the Authority to meet the GFOA’s stringent criteria. The honor is considered the premier indicator of excellence in governmental accounting and financial reporting.